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If you were an active participant in the Defined Benefit Contributory Retirement Plan and elected not to participate in the Defined Contribution Retirement Program at either July 1, 1993 or July 1, 1994, you are not eligible to join this plan now.
How much does it cost?
One percent of your applicable gross earnings is deducted from your pay on a pretax basis up to a limit imposed by the Internal Revenue Service. This is matched by an 8% contribution from Rensselaer.
What is it?
The Defined Contribution Retirement Program is a retirement plan that provides a benefit based on your one percent and Rensselaer’s eight percent contributions. The amount of your retirement benefit provided by the program depends on the value of your account balances, with earnings, at the time distributions are made to you. The account balances will depend on your length of participation in the program, your compensation, and the investment performance of amounts contributed by you and by Rensselaer.
What are my investment options?
Fidelity Investments and TIAA-CREF are the fund sponsors for the program. You choose the fund sponsor and designate the allocation for your and Rensselaer’s contributions. You are allowed to change fund sponsor each July 1 (the beginning of the plan year).
When can I enroll?
Retirement payroll deductions may commence the first of any month following the date of hire and receipt by Human Resources of completed Rensselaer and fund sponsor enrollment forms.
How do I enroll?
Complete the Retirement Program Enrollment Form and the enrollment form for the fund sponsor of your choice. Either the the Fidelity Investments Enrollment Form or the TIAA-CREF Enrollment Form.
What is the vesting schedule?
You will always be fully vested in (i.e., you will always own) the one percent pretax contributions you make to the program. You will be entitled to withdraw those contributions (adjusted for investment performance) at any time following your separation from Rensselaer.
You will be vested in (own) Rensselaer contributions made on your behalf after you have completed three years of vesting service. Vesting service is counted from your date of employment (not your date of program participation). If you leave Rensselaer prior to completing three years of vesting service, i.e. 720 hours in each of three plan years, Rensselaer contributions made on your behalf will be forfeited.
How are benefits paid?
The form of payment for withdrawn contributions depends on the investment option from which the withdrawal is made. Many of the investment options offered by TIAA-CREF and Fidelity Investments permit a complete, single sum, withdrawal of the entire account balance. Other options, such as installment payments, life annuities, and joint and survivor annuities, are also available. It is possible for you to choose a combination of the above options. You may withdraw contributions at any time after leaving Rensselaer. However, penalties may apply if you begin withdrawal prior to age 59 and one-half.
 More detailed information is contained in the Summary Plan Description.
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